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Keppel DC REIT Acquires German Property For EUR 84 Million
Daily Bulletin | 29 October 2015
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Keppel DC REIT through its indirect wholly-owned subsidiary, KDCR Netherlands 3 B.V., has entered into a purchase agreement to acquire a 100 percent interest in a property located at Germany for a consideration of EUR 84 million (approximately $130 million).

Under the terms of the agreement, a four storey fully-fitted data centre will be constructed to Tier III specifications on the property by the vendor, mainCubes One Immobilien GmbH & Co., and will have a total lettable area of approximately 11,780 sqm.

The aggregate consideration of EUR 84 million will be satisfied fully in cash. The consideration is payable in two separate tranches and is inclusive of the vendor’s obligation to construct the Data Centre. The group has made a first tranche payment of EUR 8.4 million with the remainder of the consideration payable on or after completion of the acquisition.

The acquisition is expected to be completed no later than 40 months from the date of notarization of the purchase agreement and is in line with the group’s stated growth strategy of acquiring quality income-producing data centre properties to enhance total return to unitholders and increase potential opportunities for future income and capital growth. The group believes Germany to be an important data centre market and the acquisition will strengthen its presence in the key European cities.

Keppel DC REIT  1.630 -0.010 -0.61%   
Business: Invests in income-producing real estate assets which are used for data centre purposes.

Insight: Apr-19, 1Q19 gross revenue rose 26.4% mainly due t... Read More

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